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ADNOC unit boosts shipping fleet to support UAE’s 2030 oil production target

Monday, 19 April 2021 | 00:00

ADNOC Logistics & Services, the shipping arm of Abu Dhabi National Oil Company, on Tuesday announced the acquisition of two additional very large crude carriers (VLCC) as it looks to increase its crude oil production capacity by 25 percent to 5 million barrels per day (mmbpd) by 2030.

The VLCC fleet expansion will play a significant role in supporting ICE Murban Futures, which is expected to boost trading of the UAE’s flagship Murban crude oil, enabling it to reach new customers and markets around the globe.

The launch of Murban Futures contracts will also allow ADNOC L&S to further improve its vessel capacity utilisation in the crude oil sector, said a statement carried by state news agency WAM.

The new acquisitions include a new-build VLCC, equipped with dual-fuel technology, which is expected to be delivered in Q1 2023, and an existing vessel that is scheduled to join the fleet in Q2 2021.These latest acquisitions mean that ADNOC L&S has now added a total crude oil cargo capacity of 16 million barrels this year.

Abdulkareem Al Masabi, CEO of ADNOC L&S, said: “The acquisition of these VLCCs further consolidates our highly competitive offering, which covers the full spectrum of the oil and gas value chain. Following our strategic vessel acquisitions in 2020-2021, and combined with our integrated logistics and marine solutions, we are confident that our customers will gain a significant edge in terms of time and cost savings for their upstream and downstream operations, including ADNOC Group entities.”

ADNOC L&S, which is the largest integrated maritime logistics and shipping company in the GCC, and owner and operator of the largest shipping fleet in the UAE, has been pursuing a smart fleet expansion programme.

In 2020, ADNOC L&S grew its fleet with 16 deep-sea vessel acquisitions.

The latest acquired vessels have a length of 336 metres with a deadweight of 300,000 metric tonnes.
Source: Arabian Business

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